Global orphan drug sales to reach $ 178 bn by 2020

With 2020 worldwide sales forecast at $178 billion, the orphan drug market is expected to grow by 11.7 percent per year, (CAGR 2015 to 2020) nearly doubling the yearly growth of the overall prescription drug market, according to a new EvaluatePharma report. An orphan drug is a pharmaceutical agent that has been developed specifically to treat a rare medical condition, the condition itself being referred to as an orphan disease.
 
As per EvaluatePharma report, worldwide orphan drug sales will account for 20.2 percent of worldwide prescription sales by 2020 (excluding generics). “For three years, Evaluate has tracked the trajectory of this specialty market, which has achieved almost 12 percent annual growth. Up until now, orphan drug developers have managed to defend the cost of these life-changing drugs but with the increasing scrutiny over drug costs and the growing number of designations awarded, orphan drug developers will have to continue to innovate and demonstrate how their products can help reduce the overall healthcare budget,” said Andreas Hadjivasiliou, report author and EvaluatePharma analyst.